Boston, MA -- (SBWIRE) -- 07/23/2012 -- Negative economic growth, a decline in disposable income and a lack of transparency in traditional life insurance led to a decline in the Hungarian life insurance segment during the review period. In 2011, the number of life insurance policies sold declined as compared to 2010, due to the government's initiative to stop accepting new applications for foreign-currency mortgage repayment schemes, and also the increase in surrender and lapse of unit-linked insurance products. However, over the forecast period, the Hungarian life insurance segment is expected to slowly grow with the help of new product innovations introduced by insurers, an increase in unit-linked policy sales and stable economic growth.
- In terms of gross written premiums, the Hungarian life insurance segment is the fourth-largest life insurance market in the Central and Eastern European region after Germany, Poland and the Czech Republic.
- Unit-linked products are generally well regarded as long-term saving products among Hungarian consumers, and are expected to grow strongly when the financial markets recover.
- Bancassurance is expected to drive the growth of the life insurance segment over the forecast period as more people gain access to formal banking channels.
- In order to increase efficiency and the transparency of terms and conditions of insurance policies, many larger Hungarian insurers are introducing systems to allow electronic proposal generation and product ratings.
- The five major life insurers - ING Biztosito, Aegon Magyarorszag Altalanos Biztosito Zrt., Generali-Providencia Insurance, Allianz Insurance and CIG Pannonia Life - accounted for a major share of Hungary life insurance segment."
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This report provides a comprehensive analysis of the life insurance market in Hungary:
- It provides historical values for the Hungarian life insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It offers a detailed analysis of the key sub-segments in the Hungarian life insurance market, along with market forecasts until 2016
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for life insurance products in Hungary
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Hungary for life insurance business
- It provides a detailed analysis of the reinsurance market in Hungary and its growth prospects
- It profiles the top life insurance companies in Hungary and outlines the key regulations affecting them"
Companies Mentioned in this Report: Allianz Hungaria Zrt., Groupama Garancia Biztosito, Aegon Hungary General Insurance Company, Generali-Providencia Biztosito Zrt., CIG Pannonia Eletbiztosito Nyrt, Uniqa Group, Aviva Hungary
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